100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Test Bank for Intermediate Accounting ( Volume 1) 8th Edition By Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel All Chapter 1-11 Complete ISBN:9780071338820 Newest Edition 2024 Instant Pdf Download $17.99   Add to cart

Exam (elaborations)

Test Bank for Intermediate Accounting ( Volume 1) 8th Edition By Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel All Chapter 1-11 Complete ISBN:9780071338820 Newest Edition 2024 Instant Pdf Download

 12 views  0 purchase
  • Course
  • Intermediate Accounting Volume 1 8E
  • Institution
  • Intermediate Accounting Volume 1 8E

Test Bank for Intermediate Accounting ( Volume 1) 8th Edition By Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel All Chapter 1-11 Complete ISBN:9780071338820 Newest Edition 2024 Instant Pdf Download Test Bank For INTERMEDIATE ACCOUNTING ( VOLUM...

[Show more]

Preview 4 out of 795  pages

  • September 15, 2024
  • 795
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
  • Intermediate Accounting Volume 1 8E
  • Intermediate Accounting Volume 1 8E
avatar-seller
TESTBANKPDFS
Test bank for intermediate accounting volume 1 8th edition by thomas h... file:///C:/Users/HP/Downloads/Test%20bank%20for%20intermediate




Test Bank for Intermediate Accounting (Volume 1) 8th Edition
By Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-
Dick, Kayla Tomulka, Romi-Lee Sevel All Chapter 1-11




1 of 795 9/15/2024, 4:36

,Test bank for intermediate accounting volume 1 8th edition by thomas h... file:///C:/Users/HP/Downloads/Test%20bank%20for%20intermediate




Chapter 1-11 Answers are at the end

of Each Chapter

Chapter 1

Student name:
1) The main purpose of financial accounting is to communicate useful financial information to
decision-makers both inside and outside of the business organization.
⊚ true
⊚ false



2) The Canadian Business Corporations Act mandates that all incorporated companies in
Canada follow IFRS.
⊚ true
⊚ false



3) Private companies in Canada may choose between IFRS or ASPE.
⊚ true
⊚ false



4) Canada has adapted its own pre-existing standards for public companies to IFRS, while the
U.S has adopted IFRS completely.
⊚ true
⊚ false



5) A disclosed basis of accounting (DBA) is acceptable if a company's financial statements are
prepared solely for internal use.
⊚ true
⊚ false




2 of 795 9/15/2024, 4:36

,Test bank for intermediate accounting volume 1 8th edition by thomas h... file:///C:/Users/HP/Downloads/Test%20bank%20for%20intermediate




6) Only publicly traded companies in Canada are required to adopt IFRS.
⊚ true
⊚ false



7) Earnings quality is said to be high when most of a company's earnings are the result of its
continuing operations.
⊚ true
⊚ false



8) Income tax deferral is illegal in Canada.
⊚ true
⊚ false



9) In Canada, income for tax and accounting purposes may be different.
⊚ true
⊚ false



10) External users of a company's financial statements may have conflicting objectives.
⊚ true
⊚ false



11) In Canada, IFRS standards were essentially converged with Canadian GAAP.
⊚ true
⊚ false



12) A company's functional currency is always the currency in which the financial statements are
presented.
⊚ true
⊚ false




3 of 795 9/15/2024, 4:36

,Test bank for intermediate accounting volume 1 8th edition by thomas h... file:///C:/Users/HP/Downloads/Test%20bank%20for%20intermediate




13) It is acceptable for publicly traded Canadian companies to report under US GAAP.
⊚ true
⊚ false



14) In Canada, almost all equity financing for both public and private companies is done through
private placements.
⊚ true
⊚ false



15) IFRS standards may be modified to allow for a disclosed basis of accounting (DBA).
⊚ true
⊚ false



16) Privately held for-profit enterprises with a fiduciary responsibility have a choice between IFRS
and ASPE.
⊚ true
⊚ false



17) Mutual fund companies, which may be privately held, are deemed to have a fiduciary
responsibility and must therefore comply with IFRS.
⊚ true
⊚ false



18) Canadian companies must always present their financial results in Canadian dollars.
⊚ true
⊚ false



19) Canadian corporations are prohibited from using U.S. GAAP.
⊚ true
⊚ false




4 of 795 9/15/2024, 4:36

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller TESTBANKPDFS. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99
  • (0)
  Add to cart